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JPMorgan Chase & Co Invests More Than $60 Million In MDI’s

By John F. Heerdink, Jr.

Reportedly, JPMorgan Chase & Co (JPM) has invested in 10 banks with diverse leadership, acquiring stakes with a total value of more than $60 million. The bank is giving its customers free access to thousands of ATMs as part of its initiative and also to help address the racial wealth gap.

The “investments and commitments” JPMorgan has made in minority deposit institutions, known as MDIs, and community development financial institutions are now more than $100 million, for this year. The bank announced in February that it invested $40 million in four firms. The 10 banks will also become JPMorgan clients and receive special training and advice.

“The most important thing for us is we really want to see MDIs continue to play the role that they play in their local communities well into the future,” stated Brian Lamb, global head of diversity and inclusion at JPMorgan. 

JPMorgan took stakes in these lenders, Arkansas-based Southern Bancorp, Florida-based Sunstate Bank, Georgia-based Carver State Bank and Citizens Trust Bank, Harbor Bank of Maryland, Michigan-based First Independence Bank, South Carolina-based Optus Bank, Texas-based Rio Bank and Unity National Bank, and Washington, D.C.-based Industrial Bank.

JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.

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(Read Original Story: JPMorgan Invests More Than $60 Million in Minority-Led Banks in Bloomberg)


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